COVID Takes Toll on Restaurants

10/11/2020

The Ruby Tuesday chain has permanently closed 185 restaurants that were temporarily shuttered during the home-confinement phase of the COVID outbreak during spring and summer.  The loss of revenue resulted in the company filing for protection under Chapter 11 of the Bankruptcy Act.  Approximately 240 company-owned restaurants will continue to operate under the management of the company according to Shawn Lederman, CEO of the chain. 

 

A franchise of Golden Corral Corporation 1069 Restaurant Group a subsidiary of Holm and Holm  has also filed for Chapter 11 bankruptcy.  The franchise located in Winter Park FL. Has only six restaurants in Floridas and Georgia open out of the chain  of 33 locations. The Golden Corral Chain has closed 35 company-owned restaurants as a result of COVID restrictions and a disinclination of customers to patronize stores that have been converted from a buffet format.

 

There were no bidders at an October 8th auction for the California Pizza chain that declared Chapter 11 in July.










































































































































































































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